Hi Everybody,
Just want to give you a heads-up…
The new Truth In Lending Laws that were passed at the end of July 2009, have a pretty big impact on those of you still hoping to take advantage of the $8000 homebuyer tax credit. If you are planning to take advantage of the $8000 tax credit, it’s time to get busy! The new Truth In Lending Laws are stating that REALTORS® should allow at least 45 days to close on a home. (60 days for 100% loans)
The new TIL laws state that if the good faith estimate from your lender changes, you must be notified immediately. Of course, this is only right! However, the method used to notify you is the potential problem. If you are notified via email, fax, phone, or U.S. Mail (pretty much any method other than in person) six days are to be added on to your estimated closing time. As you can imagine that can add up pretty quickly! Receive two faxes and you’ve added half a month on to your closing date! Why are they doing this? Because people were surprised when they sat at the closing table and discovered an aspect of their loan is different from what they were told when they applied. The lender would reply that a notification was sent. To which the consumer complained that they didn’t have time to read it. So now the government is allowing ample time to read notifications. So read the notifications.
The $8000 tax credit is not just for first-time buyers anymore. If you have not had an ownership in a home (nor your spouse) for the last three years, you qualify!
The $8000 tax credit does not have to be paid back! When the credit was first introduced, it did have to be paid back…but not anymore!
Dawn Judge is a REALTOR® with Coldwell Banker United Realtors® in Mooresville, NC. Contact me with your real estate questions 704-929-2261 email dawn.judge@cbunited.com
